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Trade What You See - Almost Naked Trading

  • #16,361
  • Jun 22, 2011 12:56pm Jun 22, 2011 12:56pm
Bernake really put the brakes on the weakness of the USD with his announcment today. Hope you all got out of those before the big reversal.
  • #16,362
  • Jun 22, 2011 2:06pm Jun 22, 2011 2:06pm
Quoting vijidas
I was going to ask the same question. I'm unable to understand or see why LG got into some trades and why does she ignore some of them. I have been struggling with it for a while now. She takes certain 4C 1hBO and ignores some. Same for 3tap and money tree. It's not like I'm new to trading or I don't know technical analysis or anything. I know and understand everything is being said and done. I'm no beginner. At times I can see all the rules match and setup is there and yet LG doesn't take them and for some trades there aren't any rules but she...
It is not at all that I ignore some trades and take others, it is that I cannot take every good trade set up...there are simply too many good ones, so I pick and choose, sometimes rightly and sometimes wrongly.

The AUDNZD short trade is very simple...re-read my post # 16355 above, I did not get in on the BO which came after I entered the trade. I took the trade earlier on the daily chart which had PA and RSI confirmation as well as long term overall short confirmation. There can be several entries within a short period of time to one pair.
  • #16,363
  • Jun 22, 2011 6:21pm Jun 22, 2011 6:21pm
LG,

Can we get a little more clarification on when to take our profits on the MT trades. I know it's at the trader's discretion, but what do you usually look for?

All I know is that it's good to move SL to BE at some point and also to take off 1/2 if possible at some point (I can't, i'm trading single micro lots).

Thanks!

-CC
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  • #16,364
  • Jun 22, 2011 7:07pm Jun 22, 2011 7:07pm
Quoting lawgirl21
2. Enter using either the H1 4C BO entry or 3 Tap entry or other entry of your choice in the direction of the RSI within the first few hours of the beginning of your new daily candle, if possible (whatever time of day that is for you), say within the first 6 hours (although 6 is arbitrary). The point is, we are trying to capture as much of the full day as is possible.
From post 1...

LG, has the entry system changed since last week? Before entry rules were simply D1 RSI and W1 RSI in the same direction with decent looking PA/Daily candles.

What are you using for entry? I see that quite a few of your entries are before the BOs occur (see AUDNZD a couple days ago). I suppose maybe you are just using PA for entries?

Thanks!
Enter Signature
  • #16,365
  • Jun 22, 2011 7:42pm Jun 22, 2011 7:42pm
Quoting CrucialCraig
LG,

Can we get a little more clarification on when to take our profits on the MT trades. I know it's at the trader's discretion, but what do you usually look for?

All I know is that it's good to move SL to BE at some point and also to take off 1/2 if possible at some point (I can't, i'm trading single micro lots).

Thanks!

-CC
This is what we are looking for...3 and more branches all making pips. Let's say the first branch is up 500 pips, the second is up 300 pips and the third is at 200 pips. But the price of getting there has been 300 pips.

We let the first branch continue, but we decide to replenish our capital by "cashing in" 200 pips from branch two, and 100 pips from branch three. We have restored our capital and still have 500 + 100 +100 pips from the continuing branches and thus have 700 pips of unrealized gain. If that is profit one wants to take off the tables, by all means do it. It is totally up to the invidivual, but if there is really a 2000 or 3000 pip run like we have seen, we would want to be in on it. Think what it would be like if we had 10 or more positive branches on such a run! It is very doable...we just need that trend.
  • #16,366
  • Jun 22, 2011 7:44pm Jun 22, 2011 7:44pm
Quoting CrucialCraig
From post 1...

LG, has the entry system changed since last week? Before entry rules were simply D1 RSI and W1 RSI in the same direction with decent looking PA/Daily candles.

What are you using for entry? I see that quite a few of your entries are before the BOs occur (see AUDNZD a couple days ago). I suppose maybe you are just using PA for entries?

Thanks!
No, same entry rules...it's just that the daily signals for PST have been setting up before the London session BOs this week. Still PA, candle color/quality and RSI confirmation.
  • #16,367
  • Jun 22, 2011 7:57pm Jun 22, 2011 7:57pm
Here is an example of taking a trade on the daily chart before there is a H1 4C BO. The weekly, daily, H4...even the monthly are confirming a short trade. There is also a 3 Tap set up and trigger on the daily chart.

If I decide to enter a short trade here, I will do so from the daily chart...but it is still a trade on the H1 chart....you guys don't seem to understand that there are several entry methods, but the objective is the same...a good trade no matter whether we call it a BO or a 3 Tap or a MT.
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  • #16,368
  • Jun 22, 2011 7:58pm Jun 22, 2011 7:58pm
Quoting lawgirl21
I am not catching alot of the H1 BOs. But I am catching many of the moves on the daily chart that turn into BOs. You will notice on the charts that I posted earlier this morning where I was in the trade, that my entry was before the BO, that's because I took the entry on the daily chart....generally around 8:00-9:00 p.m. just before I stop looking at charts for the evening.
Hi LG what is you looking on daily chart for entry?
"Trade Until I Come Back" Luke
  • #16,369
  • Jun 22, 2011 8:02pm Jun 22, 2011 8:02pm
Here is another example of a trade from yesterday that I took from a daily chart, which became a nice BO. I am looking to add a branch if there is another BO upward.....then I will call it a MT trade and see if I can continue with it for as many branches as possible!

BUT NOTICE ALL THE ELEMENTS OF THE TRADE ARE EXACTLY WHAT WE HAVE BEEN DOING FOR MONTHS NOW.
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  • #16,370
  • Jun 22, 2011 8:09pm Jun 22, 2011 8:09pm
My first entry yesterday from the daily, whch we discussed earlier. Now I have a second branch...again earlier than the BO...but from PA and RSI confirmation on the daily chart.

A Major Rule in Trading: There always needs to be a reason to enter a trade. i.e. looking and waiting for certain things to happen. I have added, there always needs to be a reason to add (a branch) to a trade.
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  • #16,371
  • Jun 22, 2011 8:12pm Jun 22, 2011 8:12pm
Quoting superpipo
Hi LG what is you looking on daily chart for entry?
Page 1, # 5, superpipo. MoneyTree (daily) trades.
  • #16,372
  • Jun 22, 2011 8:43pm Jun 22, 2011 8:43pm
Quoting lawgirl21
Page 1, # 5, superpipo. MoneyTree (daily) trades.
it's soo great LG
"Trade Until I Come Back" Luke
  • #16,373
  • Edited 2:25am Jun 23, 2011 2:05am | Edited 2:25am
good week so far on the BO's

taking trades on the side of the trend normal PA for entry

it sounds basic but if the new s/r lines are higher then the last
then I have been trading only top BO , working well so far

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  • #16,374
  • Jun 23, 2011 2:28am Jun 23, 2011 2:28am
Well done Eltax.

Plugging away on the BO's here too. My first week demo trading the method, so still settling in to it. New trader here, so lot's to absorb, and enjoying the journey. Will post some stat's etc, when i'm feeling more confident with the method.

Best wishes, G.
'Fail to plan, plan to fail'
  • #16,375
  • Jun 23, 2011 5:28am Jun 23, 2011 5:28am
The changing Rsi arrows kinda drives me nuts. Can we use another indicator to determine the long term trend?
  • #16,376
  • Jun 23, 2011 5:55am Jun 23, 2011 5:55am
Very nice BO.
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  • #16,377
  • Jun 23, 2011 5:56am Jun 23, 2011 5:56am
Chart
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  • #16,378
  • Jun 23, 2011 5:59am Jun 23, 2011 5:59am
A MoneyTree trade with 2 branches. One up 290 and other up 110 pips.
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  • #16,379
  • Jun 23, 2011 6:00am Jun 23, 2011 6:00am
Chart
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  • #16,380
  • Jun 23, 2011 6:01am Jun 23, 2011 6:01am
Another nice BO.
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